【目录或简介】：

Contents
Investment summary ............................................................................................................... 3
Global DRAM conditions: Moderate oversupply expected in 2010 ................................. 5
New global supply-demand model points to moderate supply excess in 2010.................. 5
Core assumptions behind DRAM supply-demand picture for 2009-2010.......................... 6
Global NAND flash conditions: Prospects much better than for DRAM....................... 13
Seasonal weakness expected in 1H10, but 2010 to be a good year overall.................... 13
Core assumptions behind NAND flash supply-demand picture for 2009-2010 ................ 13
Share-price considerations .................................................................................................. 17
Downgrading to NEUTRAL—SEC and NAND flash makers favored as core holdings...... 17
…but all memory semiconductor stocks exposed to short-term risk ................................. 17
Company-specific updates
Samsung Electronics (SEC)........................................................................................... 20
Hynix Semiconductor..................................................................................................... 28



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